MetaMask perps: fees, leverage and how they work
MetaMask perps are a trading feature in the MetaMask wallet, and the orders fill on Hyperliquid. MetaMask announced the launch on October 8, 2025. At Rewards levels 1 to 3, the total fee is 0.1432% taker and 0.1144% maker. Perps are not available in the USA, the UK, Ontario, Belgium or US-sanctioned countries.
PerpFinder opened each source on 2026-09-25. No PerpFinder account traded on MetaMask.
What the product is
MetaMask perps are a perpetual futures feature in the MetaMask wallet. MetaMask support states that Hyperliquid powers them.
Source: MetaMask support: how to trade perps (read 2026-09-25).
MetaMask describes itself as a self-custodial wallet.
Source: MetaMask support: self-custodial wallet (read 2026-09-25).
Launch date and status
MetaMask announced the launch of perps on October 8, 2025. A second post on November 21, 2025 states that perps trading is live, powered by Hyperliquid.
Source: MetaMask news: perpetual futures launch (October 8, 2025), MetaMask news: introducing MetaMask Perps (November 21, 2025) (read 2026-09-25).
Where the orders fill and clear
Orders fill on the Hyperliquid order book through a builder code. The MetaMask perps source code sets a builder address and a maximum builder fee of 0.1%.
Source: MetaMask core: perps controller Hyperliquid config (read 2026-09-25).
Who can use it
MetaMask support states that perps are not available in the USA, the UK, Ontario (Canada), Belgium and countries on the USA sanctions list.
Source: MetaMask support: how to trade perps (read 2026-09-25).
Trading fees
At Rewards levels 1 to 3, the total fee is 0.1432% taker and 0.1144% maker. A user who does not join Rewards pays these rates.
Source: MetaMask support: how to trade perps (read 2026-09-25).
Levels 4 and 5 pay 0.0932% taker and 0.0644% maker. Levels 6 and 7 pay 0.0782% taker and 0.0494% maker.
Source: MetaMask support: how to trade perps (read 2026-09-25).
A withdrawal costs a flat $1 fee, which Hyperliquid charges.
Source: MetaMask support: how to trade perps (read 2026-09-25).
Funding mechanics
Positions sit on Hyperliquid, so Hyperliquid funding rules apply. Hyperliquid pays funding every hour, and each hour pays one eighth of an 8-hour rate.
Source: Hyperliquid docs: funding (read 2026-09-23).
Leverage and margin
The support page states up to 40x for BTC. The metamask.io perps page states up to 50x. The two pages do not agree.
Source: MetaMask support: how to trade perps, MetaMask perps page (read 2026-09-25).
Available markets
The support page states over 150 contracts across crypto and other assets. Equity perps are HIP-3 markets, which third-party deployers run on Hyperliquid.
Source: MetaMask support: how to trade perps, MetaMask support: equity perps (read 2026-09-25).
Measured cost
PerpFinder measures the fee that MetaMask adds to each Hyperliquid fill from the public builder-fill files. In the fills for September 18, 2026 to September 24, 2026 (UTC), MetaMask added 9.79 bps to each fill. At the Hyperliquid base tier, a $10,000 taker order cost $14.29 through MetaMask and $4.50 direct. The MetaMask perps fee page has the full table.
MetaMask against Hyperliquid and Binance
| Term | MetaMask | Hyperliquid | Binance |
|---|---|---|---|
| Entry-tier fee | 0.1432% taker, 0.1144% maker (Rewards levels 1 to 3) source | 0.045% taker, 0.015% maker (tier 0) source | 0.050% taker, 0.020% maker (regular user) source |
| Maximum leverage | 40x on BTC (support page) source | 40x on BTC source | 150x on BTCUSDT (smallest bracket) source |
| Funding | Every hour (Hyperliquid rules) source | Every hour source | Every 8 hours on BTCUSDT source |
| Custody | Self-custodial wallet source | Not in the sources read | Not in the sources read |
| Access | Not for the USA, UK, Ontario, Belgium or US-sanctioned countries source | Not for the US, Ontario or sanctioned regions source | Not in the sources read |
Each cell links its own source. A cell without a source shows that the pages PerpFinder read do not state the value.
Risks and open questions
Leverage increases losses as well as gains. A small price move against a leveraged position can cause liquidation and the loss of the margin.
- The MetaMask perps pages name no regulator and no license for the perps feature.
- Two MetaMask pages give different leverage caps. PerpFinder shows both values.
Terms used on this page
- Builder fee
- A builder fee is the fee that a wallet or trading app adds to each Hyperliquid perps fill that it sends with a builder code. It is in addition to the Hyperliquid fee.
- Funding rate
- A funding rate is the periodic payment between long and short positions that keeps a perpetual futures price near its index price. When the rate is positive, longs pay shorts.
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Risk Warning: Trading perpetual futures involves substantial risk of loss and is not suitable for all investors. Past performance does not guarantee future results. Only trade with funds you can afford to lose.